🚨ATM operator Athena Bitcoin is being sued for defrauding the elderly. 🚨
Athena Bitcoin, an operator of Bitcoin ATMs, is being sued for fraud and for ignoring scams targeting the elderly. The Attorney General of Washington D.C., Brian L. Schwalb, filed a lawsuit alleging that the company, which has 4,100 ATMs in five countries, systematically ignores scams and charges excessive fees without disclosure.
According to the document, the company faces allegations of violating the Consumer Protection Procedures Act for misleading and unfair practices, as well as financial exploitation of vulnerable adults and the elderly. Athena Bitcoin denies the allegations and claims it has strict security protocols and consumer education, with warnings, daily limits, and verification screens.
However, the company's stock has fallen 83% this year, and the lawsuit reveals that in the first five months of operation in the U.S. capital, 93% of the deposited funds came from "blatant fraud." The lawsuit also alleges that Athena charged fees of up to 26%, while other brokers charge a maximum of 3%. The company's profit, which was 25.4%, was hidden in a misleading exchange rate.
In 2023, Americans lost US$ 189 million in scams through Bitcoin ATMs, and this number increased to US$ 247 million in 2024. The lawsuit also accuses the company of failing to detail commissions on receipts, leaving customers unaware of profit margins. The company also refused to provide refunds.
Attorney Brian L. Schwalb states that the language used on Athena's ATMs is confusing and not easily understandable, especially when scammers keep victims on the phone and ask them to ignore the warnings.
The lack of transparency in cryptocurrency ATMs has been a major issue, and Athena's case reflects the growing tension between local authorities and Bitcoin ATM operators.
#justica #Fraude #Criptomoeda